May 28, 2018 / 9:55 AM / 9 months ago

NORWEGIAN STOCKS-Frontline gains on outlook for more OPEC oil

OSLO, May 28 (Reuters) - * Norwegian shares traded up on Monday, recovering from last week’s losses * Oslo’s benchmark index rose 0.94 pct, or 8.12 points, to 872.10 points and was up by 6.08 pct year-to-date * The broader Oslo All Share Index was up 0.91 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, fell $-1.03 to $75.41 a barrel * Saudi Arabia and Russia set to raise supplies by 1 million bpd, U.S. production keeps rising * Among the biggest firms on the Oslo Bourse, Equinor rose 0.7 pct, Telenor rose 1.27 pct and DNB rose 0.46 pct * Turnover at the Oslo Bourse was 1.1 billion Norwegian crowns and most traded shares were Equinor, Aker BP and Marine Harvest * Shares of aluminium maker Norsk Hydro ASA were up 2.13 pct to NOK 50.46 * Germany’s economy minister said the country is seeking to end a dispute between the United States and the European Union over President Donald Trump’s decision to impose high tariffs on steel and aluminium imports * Shares of tanker firm Frontline Ltd were up 5.52 pct to NOK 40.5, supported by OPEC’s plan to boost production * Tanker rates are still at loss making levels but have recovered somewhat, VLCC (very large crude carrier) timecharter earnings per day have doubled since the start of May to about $10,000 * Salmon shares Marine Harvest, Leroey, Bakkafrost and Grieg rose in the range 0.4 to 1.9 percent after 1 to 3 decline on Friday due to a big drop in salmon prices * Gainers: Targovax ASA 5.11 pct and Aker Solutions ASA 3.49 pct * Biggest losers: Funcom NV -5.00 pct, Nordic Nanovector ASA -3.71 pct and Seadrill Ltd -2.82 pct * Abroad European shares rose 0.04 pct, Japan’s main share index Nikkei ended up 0.13 pct, while in China Shanghai index was down -0.19 pct and Dow Jones index in the United States -0.24 pct on Friday (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)

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